FT: US sanctions not mere ‘trifles’ for Russia’s oil industry

Gennady Timchenko is grounded. Ever since the Russian billionaire and friend of Vladimir Putin was hit by US sanctions back in March, his private jet has been stuck on the tarmac: Gulfstream will not service it or provide spare parts.

In an interview with the ITAR-TASS news agency this week, Mr Timchenko admitted that the US penalties had caused him “certain difficulties” – but these were “trifles” compared with the task of safeguarding Russia’s national interests.

Mr Timchenko is one of the most high-profile targets of a sanctions campaign aimed at Russia’s most strategic industry – oil and gas. Last month the US Treasury in effect barred Rosneft and Novatek, in which Mr Timchenko has a 23 per cent stake, from long-term US capital markets.

Yet such sanctions could turn out to be as trifling as Mr Timchenko’s little local difficulties.
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